29.05.2014 - The British pound continued its decline
The price of GBP/USD sharply declined yesterday in connection with the negative data on retail sales index which fell to 16 against an expected growth to 36. Also, the number bids for purchase decreased due to the refusal of Pfizer to buy the British pharmaceutical corporation AstraZeneca for 120 billion USD. At the moment the price is consolidating above the strong support at 1.6700. Another signal to sell will be fixing the price below this level. Within the price correction may rise to 1.6770. We expect further reduction of the pound, but keep a long-term positive outlook.